NewEnergyNews: CHINA PRICING EU SUN/

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    Sunday, December 20, 2009

    CHINA PRICING EU SUN

    China Mulls European Solar Projects
    Jing Yang, December 18, 2009 (Dow Jones Newswires via Wall Street Journal)

    "State-owned China Energy Conservation Investment Corp. [CECIC], the nation's flagship developer of clean and renewable energy, is in talks to invest and operate solar utility projects in Spain, Italy and Germany…

    "The company late last month obtained a credit line of 20 billion yuan ($2.93 billion) for a period of two years from the state-run Export-Import Bank of China to support its overseas expansion…The move [on EU solar projects] comes as China, along with other developing nations, are demanding that rich countries provide tens of billions of dollar worth of funding annually as part of agreements being negotiated at the United Nations-sponsored climate change conference."


    The biggest solar building in the world, in Dezhou, Shandong Province, China. (click to enlarge)

    "China wants rich nations to provide 0.5%-1% of their annual gross domestic product as funding to help developing nations combat climate change for the period to 2020 and beyond…

    "CECIC is a specialized government agency investing in energy conservation and environment protection projects, whose activities until now have been largely focused in the domestic Chinese market…It aims to have installed solar power generating capacity of at least 1,400 megawatts connected to the grid by 2012 in China, sharply up from the current 20 megawatts…[and] is involved in various clean and renewable energy projects China, including in the wind and biomass-based power sectors, and will also trial an investment model in overseas markets…"


    click to enlarge

    "CECIC intends to form a consortium with other Chinese companies, including solar module manufacturers, to make the foray overseas, but it will hold the majority stake…In July, China-based Suntech Power Holdings Co., the world's second largest supplier of solar modules, said it had entered into a strategic agreement with CECIC to develop solar projects over the next five years.

    "CECIC, which brought online the nation's first 10-megawatt solar utility plant in September, has also submitted two solar projects to the nation's top economic planner - the National Development and Reform Commission - for approval to seek extra funding under the United Nations' Clean Development Mechanism, or CDM…CECIC plans to list its wind power unit on the Hong Kong Stock Exchange within six months…followed by a listing on the mainland stock market…"

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